I would definitly pressure wash it off, sand the entire machine (otherwise the paint will not stick well) and then use some of that spray on rust inhibiter that nuetralizes the rust spots, take some stripeeze and get the decals off, tape the hoses and other vital areas, shoot a coat of primer on her with a compressed air paint sprayer( you can pick one up for like $40 new), and then either get the correct color yellow or use any urethane based yellow equipment paint (once again useing the spray gun), and buy new decals. I did this to a Fisher plow that was in terrible shape and its looked new for about three years now and showing no signs of rust spots. Good luck!